VAKT Global, backed by a consortium of corporate behemoths, plans to launch a blockchain platform to automate physical energy post-trade, administrative-related processes by the end of 2018.
The traditional post-trade process is cumbersome and includes paper-based trading contracts and operations documentation. By moving to digital smart contracts, the proposed blockchain platform would reportedly "help cut costs, reduce the risk of errors and make back-end trading operations more reliable and efficient." Efficiency-cost savings could be around 40% in post-trade resolution according to development vice president Lyon Hardgrave.
Among the VAKT group are traditional oil and gas giants, Shell, BP, and Equinor, as well as a variety of financial institutions including ABN AMRO, Koch, ING, and Société Générale. (Source: S&P Global Platts)